Top 5 Distressed Condo Sales Closed in September 2009
Below, you will find what I believe to be the five best condo deals of the 53 distressed sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. It was tough to decide between the first two for the number one spot but The Mark on Brickell #1608 took it based on location and view.
- The Mark on Brickell #1608 – 2 bedroom/2 bath (1,140 square feet) – This unit sold for $210,000, or $184 per square foot, on September 18, 2009. Short Sale
- Blue Condominium #1701 – 2 bedroom/2.5 bath (1,449 square feet) – This unit sold for $210,000, or $145 per square foot, on September 10, 2009. Foreclosure
- Brickell on the River North #3715 – 3 bedroom/2.5 bath (1,512 square feet) – This unit sold for $287,000, or $190 per square foot, on September 4, 2009. Short Sale
- Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet) – This unit sold for $675,000, or $359 per square foot, on September 30, 2009. Foreclosure
- Marina Blue #2302 – 1 bedroom/1.5 bath (843 square feet) – This unit sold for $190,000 or $225 per square foot, on September 30, 2009. Short Sale
As a side note, bidding on foreclosures has become extremely competitive. I noticed that the majority of the condo REOs that closed in September closed at a price that was above the asking price. This was the case in 19 of the 26 REO listings that closed last month located in the aforementioned neighborhoods of Miami. It has become more important than ever to know the comparable sales in the neighborhood. The mentality of automatically going in with a bid 10-15 percent below asking price doesn’t fly anymore. With season right around the corner, I’m confident that the worst is well behind us.
Top 5 Distressed Condo Sales Closed in July 2009
Below, you will find what I believe to be the five best condo deals of the 43 distressed sales that closed in the month of July in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. I wasn’t very impressed with the deals that closed in July, however, when compared to those we’ve seen in previous months. Coincidentally, all five condos are located in Brickell this month.
- Brickell on the River North #805 – 1 bedroom/1 bath (820 square feet) – This unit sold for $128,000, or $156 per square foot, on July 30, 2009. Short Sale
- Brickell on the River North #1611 – 2 bedroom/2 bath (1,117 square feet) – This unit sold for $190,000, or $170 per square foot, on July 10, 2009. Short Sale
- The Sail on Brickell #2704 – 2 bedroom/2 bath (942 square feet) – This unit sold for $137,900, or $146 per square foot, on July 31, 2009. Foreclosure
- Solaris at Brickell #1903 – 2 bedroom/2 bath (1,064 square feet) – This unit sold for $185,000, or $174 per square foot, on July 24, 2009. Foreclosure
- Imperial at Brickell #1505 – 3 bedroom/2 bath (1,732 square feet) – This unit sold for $350,000 or $202 per square foot, on July 29, 2009. Short Sale
Top 5 Distressed Condo Sales Closed in April 2009
Below, you will find what I believe to be the five best condo deals of the 42 distressed sales that closed in the month of April in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.
- Emerald at Brickell – unit 2201 – 2 bedroom/2.5 bath (1,594 square feet) – This unit sold for $306,000, or $192 per square foot, on April 30, 2009. Foreclosure (#1 despite the high HOA fees)
- The Club at Brickell Bay – unit 2604 – 1 bedroom/1 bath (825 square feet) – This unit sold for $110,000, or $133 per square foot, on April 9, 2009. Short Sale
- One Miami – unit 3215 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $255,000, or $223 per square foot, on April 13, 2009. Short Sale
- Skyline on Brickell – unit 1912 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $325,000, or $238 per square foot, on April 17, 2009. Foreclosure
- Brickell on the River North – unit 1007 – 1 bedroom/1 bath (757 square feet) – This unit sold for $145,000 or $193 per square foot, on April 17, 2009. Foreclosure
Runner-up: Vue at Brickell – unit 2108 – 1 bedroom/1 bath (838 square feet) – This unit sold for $94,000, or $112 per square foot, on April 29, 2009. Foreclosure
Unit 1508 at Brickell on the River North Revisited
Towards the end of February, I wrote about a 2 bedroom/2 bath condo foreclosure at Brickell on the River North that had recently been listed at the time. The condo was listed for $159,000, or $151 per square foot. The 2 bedroom was priced below recently closed 1 bedroom condos at Brickell on the River North and, as a result, attracted the interest of many buyers. From speaking with the listing agent in February, I learned that he had received over 30 offers for the condo. The unit closed on April 3, 2009 for $236,000, well above asking price.
Top 5 Miami Distressed Condo Sales Closed in March 2009
Below, you will find what I believe to be the five best condo deals of the 47 distressed sales that closed in the month of March in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.
- The Mark on Brickell – unit 2702 – 3 bedroom/2 bath (1,470 square feet) – This unit sold for $251,000, or $171 per square foot, on March 20, 2009. Short Sale
- Brickell on the River – unit 3305 – 1 bedroom/1 bath (757 square feet) – This unit sold for $125,000, or $165 per square foot, on March 17, 2009. Foreclosure
- Vue at Brickell – unit 812 – 1 bedroom/1.5 bath (860 square feet) – This unit sold for $90,000, or $105 per square foot, on March 9, 2009. Foreclosure
- Neo Vertika – unit 1525 – 0 bedroom/1 bath (638 square feet) – This unit sold for $98,500 or $154 per square foot, on March 19, 2009. Foreclosure
- Uptown Lofts – unit 1003 – 1 bedroom/2 bath (1,065 square feet) – This unit sold for $100,000, or $94 per square foot, on March 19, 2009. Foreclosure
Runner-up – 1800 Biscayne Plaza – unit 1107 – 3 bedroom/2 bath (1,318 square feet) – This unit sold for $200,000, or $152 per square foot, on March 11, 2009. Short Sale
Day & Night – Miami River Condos
Just wanted to share some day and night photos that I shot earlier today of various newly constructed condo buildings along the Miami River while showing some units at Brickell on the River North.
Daytime shot of Epic. Closings at Epic began in November 2008.
Nighttime shot of Epic:
Daytime shot of Wind. Closings at Wind began in February 2008 and has residents living there.
Daytime shot of The Ivy at Riverfront. Closing at The Ivy at Riverfront began in June 2008 and also has residents inhabiting the condo building.
Daytime shot of The Mint at Riverfront. As far as I know, The Mint at Riverfront has not obtained its certificate of occupancy yet. From the looks of the picture below, it appears that the pool deck has not been completed. Expect closings to begin within the next 2-4 months.
Daytime shot of The Mint at Riverfront, The Ivy at Riverfront and Wind.
Nighttime shot of The Mint at Riverfront, The Ivy at Riverfront and Wind.
The following is not a building located on the Miami River but I wanted to share this great shot that I took of the Bank of America building from the pool deck of Brickell on the River North.
Brickell Condo Index – February 2009
A lot has changed since I last published the Brickell Condo Index three months ago. Condo foreclosures have continued to hit the market, financing has become extremely difficult to obtain and a few bulk condo deals have closed in that time. As a result, it should come as to no surprise that overall condo prices have continued to drop throughout Brickell within the past 3 months. The data used to compile the statistics below was collected on February 18, 2008 from the MLS. You may want to compare the following figures to those published three months ago in November 2008. Also, be sure to view the charts towards the bottom of this post to see how much Brickell condo prices have changed within the past 15 months.
The average asking prices of the 18 condo developments that comprise the Brickell Condo Index is currently $401.30 per square foot. This represents a 6.57 percent drop in average list prices over the past three months.
Average price per square foot of Brickell condos currently listed on the MLS:
The average price of Brickell condos sold over the past six months has gone up 1.51 percent to $296.00 per square foot from November’s average of $291.59. However, this is due to the fact that Four Seasons Residences had been excluded from the average in November due to no closings occurring within the previous six months. Four Seasons Residences has been reincluded in this month’s index as a result of a condo closing in December 2008. The average for Brickell condos sold over the past six months would have dropped 3.58 percent had it not been re-included. With the exception of Bristol Tower, average sales prices for each of the other Brickell condo developments dropped since the November update.
Average price per square foot of Brickell condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $228.95
- Brickell on the River – 31 SE 5 St | 33131 | $234.18
- Bristol Tower – 2127 Brickell Ave | 33129 | $385.20
- Emerald at Brickell – 218 SE 14 St | 33131 | $209.63
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $518.62
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $263.68
- Jade – 1331 Brickell Bay Dr | 33131 | $362.33
- Latitude on the River – 185 SW 7 St | 33130 | N/A
- Neo Vertika – 690 SW 1 Ct | 33130 | $221.73
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $254.09
- Santa Maria – 1643 Brickell Ave | 33129 | $756.82
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $278.43
- Solaris at Brickell – 186 SE 12 Ter | 33131 | $201.59
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $188.28
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $228.61
- The Palace – 1541 Brickell Ave | 33129 | N/A
- Villa Regina – 1581 Brickell Ave | 33129 | $256.71
- Vue at Brickell – 1250 S Miami Ave | 33131 | $147.18
Below you will find some additional statistics. Click on the image to enlarge it.
The first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Latitude on the River and The Palace since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS. A high percentage indicates that there is a large discrepancy between the average asking price for condos currently on the market and what has actually sold within the past six months.
The second column is the number of active listings in each condo development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. This is typically one indication of a sound condo building. Bristol Tower, Four Seasons Residences, Imperial at Brickell, Latitude on the River, The Palace and Villa Regina are the condo buildings highlighted in green. However, I think it’s too soon to use this rule of thumb for Latitude on the River. It’s too new of a development. Short-sales and foreclosures have just started to hit the market there. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units. There’s definitely underlying risk in buying in these condo developments and I’d only advise buying in one of these if the price justifies the risk. As in the November update, Solaris at Brickell is the only condo developments highlighted in red. This is usually a good indication that prices will fall further in future months.
The fourth column shows the number of condos currently pending sale. There are currently a total of 81 pending sales in the 18 condo buildings represented in the Brickell Condo Index. I did not include pending sales that went pending before November 1, 2008. The fifth column displays the number of closed condo sales within the past six months. The 18 Brickell condo developments have had a total of 198 condos close within that time frame. The vast majority of these closings occurred in just a handful of the condo developments. Latitude on the River and The Palace were the only two condo buildings that haven’t had a condo close within the past six months.
The sixth column shows the difference in the average list prices from this month’s and November’s, expressed as a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that showed an increase. Bristol Tower was the only condo development that had an increase in asking prices since November. In just three month’s time, average asking prices fell about 15 percent at Imperial at Brickell and Solaris at Brickell, 14 percent at Vue at Brickell and 10 percent at Brickell on the River.
The seventh column reveals the difference in average sales prices from this month’s and November’s, expressed as a percentage. The Mark on Brickell saw the largest drop with a 20.95 percent decline. Brickell on the River, Emerald at Brickell, Imperial at Brickell and One Miami also had double digits drops. Average sales prices at Santa Maria increased about 14 percent but it should be noted that only one closed sale occurred within the past six months.
I thought it would be interesting to see how prices compare now to those we saw a year ago. Unfortunately, I didn’t publish a Brickell Condo Index 12 months ago. However, I used data from the November 2007 Brickell Condo Index to create the charts below to compare current prices to those we saw 15 months ago. Click on the images below to enlarge them.
(Below) Percentage Change in Average $/SqFt of List Prices Within 15 Months:
(Below) Percentage Change in Average $/SqFt of Sales Prices Within the Last 15 Months:
Keep in mind that condo prices in Miami peaked around the beginning of 2006. The graphs above would be all the more shocking if we were to cross compare current prices to those we saw at that time. By November 2007, Miami condo prices had already fallen significantly.
One positive thing to note is that the number of condos on the market in the condo buildings comprised in the Brickell Condo Index is down about 26 percent since November 2007. (This excludes Latitude on the River which had not been included in the Brickell Condo Index at that time.) Emerald at Brickell and Santa Maria are the only condo developments in the Brickell Condo Index that now have more condos listed than in November 2007. To put this into perspective, the number of listed condos at Vue at Brickell 15 months ago represented a little over 24 percent of the total condos in the building. Current inventory at Vue at Brickell represents slightly more than 13 percent.
Top 5 Miami Distressed Condo Sales Closed in November 2008
I found a total of 17 distressed condo sales that closed in the month of November in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. The following are, in my opinion, the five best deals that took place along with one worth mentioning.
- Vue at Brickell – unit 1413 – 1 bedroom/1 bath (737 square feet) – This unit sold for $90,000, or $122 per square foot, on November 18, 2008. Foreclosure
- Brickell on the River North – unit 2703 – 1 bedroom/1 bath (775 square feet) – This unit sold for $172,750, or $223 per square foot, on November 19, 2008. Foreclosure
- Brickell on the River – unit 3714 – 2 bedroom/2 bath (1,058 square feet) – This unit sold for $255,000, or $241 per square foot, on November 10, 2008. Foreclosure
- Skyline on Brickell – unit 1107 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $349,000, or $255 per square foot, on November 17, 2008. Foreclosure
- The Club at Brickell Bay – unit 3524 – 3 bedroom/2 bath (1,232 square feet) – This unit sold for $249,000, or $202 per square foot, on November 4, 2008. Foreclosure
Runner-up: Blue Condo – unit 2504 – 2 bedroom/2.5 bath (1,158 square feet) – This unit sold for $305,000, or $263 per square foot, on November 25, 2008. Foreclosure
Miami Condo Index – Brickell – November 2008
It’s been three months since I last released the Brickell Condo Index. The last update for Brickell condos was published in August 2008. The data used to create the statistics below was collected on November 18, 2008 from the MLS. You may want to also compare the statistics below to those published a year ago in November 2007. It really helps to put into perspective how inflated prices were a year ago in some of the condo developments in Brickell.
The Brickell Condo Index now stands at an average price of $429.52 per square foot. This represents a 2.28 percent drop in the average asking prices of the 18 condo developments that comprise the Brickell Condo Index over the past three months.
Average price per square foot of Brickell condos currently listed on the MLS:
The average price of Brickell condos sold over the past six months has dropped 7.13 percent to $291.59 per square foot from August’s average of $313.97. As with the last update, the average would normally be higher had a sale occurred in the MLS within the past six months at Four Seasons Residences, which sells at the highest price per square foot of the 18 condo developments comprising the Brickell Condo Index.
Average price per square foot of Brickell condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $250.71
- Brickell on the River – 31 SE 5 St | 33131 | $264.63
- Bristol Tower – 2127 Brickell Ave | 33129 | $364.86
- Emerald at Brickell – 218 SE 14 St | 33131 | $238.88
- Four Seasons Residences – 1425 Brickell Ave | 33131 | N/A
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $316.83
- Jade – 1331 Brickell Bay Dr | 33131 | $385.81
- Latitude on the River – 185 SW 7 St | 33130 | N/A
- Neo Vertika – 690 SW 1 Ct | 33130 | $228.00
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $296.13
- Santa Maria – 1643 Brickell Ave | 33129 | $661.70
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $298.68
- Solaris at Brickell – 186 SE 12 Ter | 33131 | $200.00
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $201.44
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $289.18
- The Palace – 1541 Brickell Ave | 33129 | $260.14
- Villa Regina – 1581 Brickell Ave | 33129 | $249.88
- Vue at Brickell – 1250 S Miami Ave | 33131 | $158.55
Below you will find some additional statistics:
The first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Four Seasons Residences and Latitude on the River since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS. A high percentage indicates that there is a large discrepancy between the average asking price for condos currently on the market and what has actually sold within the past six months.
The second column is the number of active listings in each condo development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. To me, this is one indication of a sound condo development. Atlantis, Bristol Tower, Four Seasons Residences, Imperial at Brickell, The Palace and Villa Regina are the condo buildings highlighted in green. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying in these condo developments and I’d only advise buying in one of these if the price justifies the risk. This month, Solaris at Brickell is the only condo developments highlighted in red. This is usually a good indication that prices will fall further in future months. The condo developments with active listings less than 10 percent are considered safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 94 total pending sales in the 18 condo buildings represented in the Brickell Condo Index. In August, there were a total of 79 pending sales at the time. Once again, The Club at Brickell Bay, Vue at Brickell and Jade each have pending sales in the double digits. The same goes for closed sales within the past six months in each of these condo developments. Skyline on Brickell also hit the double digit mark with a totla of 13 closed sales in the MLS within the past six months. In August, there were a total of 123 closed sales within the past six months. This figure has gone up almost 32 percent since the August update. The 18 Brickell condo developments had a total of 164 closed sales within the past six months.The vast majority of these closings occurred in just a handful of the condo developments, however. 8 of the condo developments had three or less closings within the past six months.
The sixth column shows the difference in the average list prices from this month’s and August’s, expressed as a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Emerald at Brickell saw asking prices drop a little over 10.5 percent while Solaris at Brickell shed about 9.8 percent from its average asking price in August. An increase in average asking prices occurred in 8 of the condo developments in the Brickell Condo Index.
The seventh column reveals the difference in average sales prices from this month’s and August’s, expressed as a percentage. Vue at Brickell saw the largest drop with a 15.94 percent decline. Jade, Neo Vertika, The Club at Brickell Bay and Villa Regina also had double digits drops. It should be noted that Villa Regina only had one closed sale within the past six months to calculate its new average. Atlantis, Santa Maria, Skyline on Brickell and The Palace each experienced an increase in their average sales prices for the previous six months.
Vue at Brickell is very, very close to hitting the $150 average per square foot mark for closed sales over the previous six months. In August, the condos available on the market at Vue at Brickell represented about 28 percent of the overall units in the building. This figure now resides at around 17 percent. It will be interesting to see how much lower the average price per square foot of condos sold at Vue at Brickell will go if inventory levels continue to improve. As I mentioned earlier, the 10-15 percent range is normal even in a healthy market. Perhaps some sort of stability is right around the corner for Vue at Brickell. The same can be said for Jade and The Club at Brickell which have also continued to show progress in reaching normal inventory levels.
Miami Condo Index – Brickell – August 2008
It has been four months since the last installment of the Miami Condo Index for Brickell. The last update for Brickell condos was provided in April 2008. The data below was collected on August 18, 2008 from the MLS. While crunching the numbers earlier today, it quickly became apparent that prices have continued to fall within the past four months and, in some cases, prices have fallen hard.
The Brickell Condo Index now stands at an average price per square foot of $441.84. This represents a 7.71 percent drop in the average asking prices of the 18 condo developments that comprise the Brickell Condo Index over the past four months, or an annualized loss of 23.13 percent. You’ll see in the graph towards the bottom of the post that about four condo developments have had significant reductions in their average asking prices within the past four months.
Average price per square foot of Brickell condos currently listed on the MLS:
The average price of Brickell condos sold over the past six months has dropped 23.49 percent to $313.97 per square foot from April’s average of $410.38. However, much of this drop is attributed to the fact that Four Seasons Residences, which sells at the highest price per square foot of the 18 condo developments comprising the Brickell Condo Index, has not had one closed sale in the MLS within the past six months and therefore was not included in this month’s average. The average would have dropped around 14.37 percent had Four Seasons Residences been included using its April average. That would still have represented an annualized drop in the average sales prices of about 43 percent!!!
Average price per square foot of Brickell condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $241.89
- Brickell on the River – 31 SE 5 St | 33131 | N/A
- Bristol Tower – 2127 Brickell Ave | 33129 | $379.26
- Emerald at Brickell – 218 SE 14 St | 33131 | $240.51
- Four Seasons Residences – 1425 Brickell Ave | 33131 | N/A
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $316.83
- Jade – 1331 Brickell Bay Dr | 33131 | $447.72
- Latitude on the River – 185 SW 7 St | 33130 | $323.74
- Neo Vertika – 690 SW 1 Ct | 33130 | $264.58
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $316.15
- Santa Maria – 1643 Brickell Ave | 33129 | $625.05
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $296.45
- Solaris at Brickell – 186 SE 12 Ter | 33131 | N/A
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $224.18
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $311.29
- The Palace – 1541 Brickell Ave | 33129 | $240.85
- Villa Regina – 1581 Brickell Ave | 33129 | $292.44
- Vue at Brickell – 1250 S Miami Ave | 33131 | $188.62
Below you will find some additional statistics:
As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Four Seasons Residences and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold. A high percentage indicates that there is a large discrepancy between the average asking price for condos currently on the market and what has actually sold within the past six months.
The second column is the number of active listings in each condo development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. To me, this is one indication of a sound condo development. Bristol Tower, Four Seasons Residences, Imperial at Brickell, Santa Maria, The Palace and Villa Regina are the condo buildings highlighted in green. All, with the exception of Four Seasons Residences, were built prior to 2000 and none were targets for wild speculation during the last real estate boom. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying in these condo developments and I’d only advise buying in one of these if the price justifies the risk. Jade, Solaris at Brickell and Vue at Brickell are the condo developments highlighted in red. Each was built in 2004 or after and victimized by speculation and rampant mortgage fraud. Prices in each have fallen like a ton of bricks within the past year. The condo developments with active listings less than 10 percent are considered safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 79 total pending sales in the 18 condo buildings represented in the Brickell Condo Index. In April, there were a total of 58 pending sales at the time. The Club at Brickell Bay, Vue at Brickell and Jade each have pending sales in the double digits. The same goes for closed sales within the past six months in each of these condo developments. In April, there were a total of 64 closed sales within the past six months. This figure has almost doubled since April with a total of 123 closed sales within the past six months. With 25 closed sales within the past six months and 25 pending sales in the pipeline at The Club at Brickell, I question myself whether some sort of stability is finally being reached. Again, the 25 closed sales had an average price of around $224 per square foot. If the answer to my questions is no, then where will the dust finally settle? Of the three condo developments, The Club at Brickell Bay was the only one which has had a reduction in its active listings since April. That, to me, is progress. From November 2007 until April 2008, average sales prices at The Club at Brickell Bay fell about 46 percent. Now since April, we have seen another large drop of about 39 percent in its average sales price. By year’s end, can prices at The Club at Brickell Bay hit the $150 per square foot mark that many of the commentors on this blog have mentioned? A 30 percent drop in sales prices will bring us very, very close to that oft-mentioned number. A better question is, will the pundits of this blog revise their guidance downward if that figure does become an eventuality in a few condo developments in Brickell?
The sixth column shows the difference in the average list prices from this month’s and April’s, expressed as a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Emerald at Brickell saw asking prices drop a little over 23 percent, Vue at Brickell slightly under 23 percent, Solaris at Brickell around 20 percent, The Club at Brickell Bay about 17.5 percent, Neo Vertika 11.4 percent and Jade 11.25 percent. Only Santa Maria and The Palace experienced average list prices actually rise.
The seventh column reveals the difference in average sales prices from this month’s and April’s, expressed as a percentage. Emerald at Brickell saw the largest drop with a 41.21 percent decline, although only one closed sale was found in the MLS within the past six months to calculate its new average. It has a difference of around 46 percent in its average sales and asking prices. This is the largest pricing discrepancy amongst the 18 condo developments represented in the Brickell Condo Index. This just shows me that asking prices at Emerald at Brickell still have a ways to come down before reaching its market clearing value. The Club at Brickell Bay had its average sales price drop around 39 percent, Skyline on Brickell around 25.5 percent, The Palace about 25 percent and Villa Regina around 25 percent. Only Latitude on the River and Santa Maria experienced an uptick in average sales prices since the last Brickell Condo Index update.
This the first month where we saw average sales prices for a Brickell condo building fall below $200 per square foot. Vue at Brickell is now sitting on an average sales price of around $189 per square foot, calculated from the 17 closed sales in the MLS that it has had within the past six months. A look at the listings currently available at Vue at Brickell indicates that prices will continue to fall, as over 30 listings have an asking price below the $189 per square foot average. In fact, four listings are currently asking less than $150 per square foot. It goes without saying that Vue at Brickell will likely hit the $150 average sales mark before any of the other condo developments in the Brickell Condo Index.
Another insight I made while pondering the figures for this month’s Brickell Condo Index is that Santa Maria is alive and kicking. It looks healthy despite the slow down in the real estate market. Its average listing and sales prices have both gone up within the past four months. It has also had 8 closed sales within the past six months. That may not seem like a lot but, with only 174 total condos, Santa Maria is not a huge mega-building with 500-plus units like we often see nowadays. It also has the most realistic asking prices. The discrepancy in asking and sales prices is 15.81 percent, the lowest amongst the 18 condo developments. Couple all that with the fact that the currently available listings at Santa Maria only represent around 8 percent of its possible inventory and I’m saying that it’s good to see that there’s still one stand-up condo development amongst the 18.
